My recollection was big characters had a higher top speed, but slow acceleration. Small characters were the opposite. Medium characters didn’t excel or suck at either.
This isn’t correct for N64 Mario Kart. They actually did give the lightweights the best acceleration and top speed. I found a video that did some analysis. https://www.youtube.com/watch?v=P6AxbNL2ET0
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https://www.piped.video/watch?v=P6AxbNL2ET0
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That was not my recollection of how it was supposed to work or how it worked in practice, but I found an archive of the original guidebook, and it says exactly what you said. Interesting. I got passed up by Donkey Kong and Bowser on straightaways all the time, but maybe that’s more of a mirror mode challenge thing than a size of the karts things.